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Strategies & Market Trends : Buffettology -- Ignore unavailable to you. Want to Upgrade?

To: cfimx who wrote (1065)	2/19/1999 10:21:00 AM
From: porcupine --''''>	Respond to of 4690

twister discourages porx fantasy life: My impression was that the reason Buff doesn't meddle with Lou's choices is because they are on the same page of the same book, figuratively speaking. Would Buff have bought the other half of GEICO in the last year or two if this were not so --???>

To: cfimx who wrote (1065)	2/19/1999 10:45:00 AM
From: porcupine --''''>	Read Replies (1) \| Respond to of 4690

"Why build a thesis around an entirely false premise Porc?" twister, I believe I understand your objection. But, just for the record, GADR's premise is that 1) the shift away from statism in general and from militarism in particular has reversed the formerly inflationary bias in the economies of the developed world, 2) developed economies and their securities markets are less cyclical than in the past, and 3) that this is a long-term, not short-term, phenomenon. The 3rd Era thesis is that this reversal in inflationary bias and extreme cyclicality calls for an upward shift in the valuation of capital-intensive companies and so-called cyclicals. The thesis was developed in the ealy 1990's, while contemplating what the real "peace dividend" would be in the "new world order". The recent purchases of GLK and TCAT by someone within the BRK organization were cited as evidence in support of the thesis, not as its underlying premise. porc --''''>